European shares fall back as investors bank profits
European stock markets fell as investors banked profits at the end of a strong first quarter, dealers said.
London's FTSE 100 index of leading shares dropped by 0.84 percent to 5,964.6 points, Frankfurt's DAX 30 fell 0.24 percent to 5,970.08 points and in Paris the CAC 40 slipped 0.37 percent to 5,220.85 points.
The DJ Euro Stoxx 50 index of leading eurozone shares decreased by 0.54 percent to 3,853.74 points.
The euro stood at 1.2120 dollars.
As European markets closed, the Dow Jones Industrial Average had gained 0.23 percent to 11,176.87 points in New York, and the tech-heavy Nasdaq composite was up 0.21 percent at 2,345.75.
The broad Standard and Poor's index showed a slight gain of 0.09 percent to 1,301.39.
In earlier Asian trade, Tokyo's benchmark Nikkei-225 index rose 0.08 percent to 17,059.66 points, the highest closing level since August 2000.
Hong Kong's key Hang Seng Index closed 0.48-percent lower however, at 15,805.04 points.
European markets, especially London, have posted gains during the first quarter on strong company earnings and takeover activity. On March 24 the FTSE 100 closed at 6,036.30 points, its highest finish since February 19, 2001.
In London on Friday, heavyweight mining stocks fell on profit-taking. One day earlier, mining shares had soared as metals prices, including platinum, copper and zinc, hit historic high points on strong buying by speculative funds.
Mining giant Rio Tinto fell back by 1.98 percent to 2,922 pence and rival Anglo American lost 1.16 percent to 2,220 pence.
Tate and Lyle, Europe's biggest sugar refiner, dropped 1.33 percent to 571 pence after Deutsche Bank cut its price target on the food manufacturer owing to a mixed trading update earlier in the week.
ITV, the biggest British commercial television network, plunged 4.60 percent to 119.25 pence after it rejected an improved takeover offer from a consortium comprising the private equity groups Apax and Blackstone, and the US investment bank Goldman Sachs.
The new bid had valued ITV at about 5.3 billion pounds (7.6 billion euros, 9.2 billion dollars). ITV had on March 22 rejected an initial bid by the consortium worth about 4.9 billion pounds.
In Frankfurt, the German stock market operator Deutsche Boerse dipped 0.52 percent to 119.01 euros after its supervisory board had said late on Thursday that it welcomed the decision of its management board to launch concrete talks with Euronext on a potential merger.
Deutsche Boerse said on March 15 that it was interested in a merger of equals with Euronext, which operates the Paris, Amsterdam, Brussels and Madrid exchanges. Euronext gained 3.34 percent to 68.05 euros in Paris trade.
In Amsterdam, the AEX index was off by 0.82 percent at 468.69, the Swiss SMI slipped by 0.15 percent to 8,023.3, in the Milan the SP/Mib shed 0.73 percent to 37,928, in Madrid the Ibex-35 edged 0.13 percent lower to 11,854.3 and in Brussels the Bel-20 closed down 0.76 percent at 3,912.28.
AFP
